Most small and medium-sized businesses are going through challenging times due to the Covid-19 pandemic. Everyone can use help during these times. Being committed to supporting and growing SMEs, BPF Solutions has been actively engaged in supporting businesses not only to survive but be positioned to grow as soon as these challenging times are over. Here is one of the supporting tools by the Canadian Government that may be of help to you:
The Government has recently announced that the Canadian Emergency Rent Subsidy (CERS) is available to apply. According to them from September 27, 2020, until June 2021, Canadian businesses, non-profit organizations, or charities that have seen a drop in revenue due to the COVID-19 pandemic could be eligible for a subsidy. The subsidy offers to small businesses rent and mortgage assistance. Small businesses can claim qualifying expenditures up to a limit of $75,000 per business location (base and top-up) and $300,000 in total for all locations (including any amounts claimed by affiliated businesses) for each claim period.
The good news is that, unlike the Canada Emergency Commercial Rent Assistance (CECRA) program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. To apply for CERS, you can use the link below:
The subsidy will be available on a shifting scale (with a cumulative sum of 65 percent) for businesses that are able to demonstrate a loss of revenue by 19 December 2020. For organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, an additional top-up of 25 percent (maximum potential subsidy of 90 percent) would be eligible.
Please notice that the Government of Canada manages this program; all applications and eligibility are determined by the government.